Multiple Choice
Stone Circle Company purchased a new car for $135,000 by paying $54,000 cash, and trading in an old car with a recorded net cost and market value of $45,000. They also signed a Note for $36,000.
The required journal entry will not:
A) Credit Notes Payable for $36,000
B) Debit New Car for $135,000
C) Debit Notes Payable for $36,000
D) Credit Old Car for $45,000
Correct Answer:
Verified
Correct Answer:
Verified
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